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Scheidemünze
''Scheidemünzen'' (singular – ''Scheidemünze'') were representative money, representative coins or token coins issued alongside ''currency money, Kurantgeld'' or currency money in Austria and Germany up to start of the First World War in August 1914 whose intrinsic metal value was less than the legal value stamped on them. Like ''Notgeld'' ("emergency money") they were a kind of credit money or fiat coin. The term ''Scheidemünze'' ("division money") referred to the "division into hellers and pfennigs during the purchase process" ("Scheiden auf ''Heller und Pfennig'' beim Kaufvorgang"). It thus applied to the low- to medium-value coins and is often translated as small change coin, small-coin change or just small coin. Since 1915, all coins minted in Germany, including the current euro coins have been ''Scheidemünzen'' or fiat money as opposed to face value money, currency or commodity money whose nominal value is fully covered by its intrinsic value. History Antiquity Earl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Metallism
Metallism is the economic principle that the Value (economics) , value of money derives from the purchasing power of the commodity upon which it is based. The currency in a metallist monetary system may be made from the commodity itself (commodity money) or it may use representative money, tokens (such as national banknotes) redeemable in that commodity. Georg Friedrich Knapp (1842–1926) coined the term "metallism" to describe monetary systems using coin minted in silver, gold or other metals. In metallist economic theory, the value of the currency derives from the market economy , market value of the commodity upon which it is based independent of its monetary role. Carl Menger (1840–1921) theorized that money came about when buyers and sellers in a market agreed on a common commodity as a medium of exchange in order to reduce the costs of barter. The intrinsic value of that commodity must be sufficient to make it highly "saleable", or readily accepted as payment. In this sy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Representative Money
Representative money or receipt money is any medium of exchange, physical or digital, that represents something of Value (economics), value, but has little or no value of its own (intrinsic value (finance), intrinsic value). Unlike some forms of fiat money (which may have no commodity backing), genuine representative money must have something of intrinsic value supporting the face value. More specifically, the term ''representative money'' has been used variously to mean: * A claim on a commodity, for example gold certificate, gold and silver certificates.Robert A. MundellThe Birth of Coinage Discussion Paper #:0102-08, Department of Economics, Columbia University, February 2002.William Howard Steiner, ''Money and banking''p. 30 H. Holt and company, 1941. In this sense it may be called "Monetary system#Commodity-backed money, commodity-backed money". * Any type of money that has face value greater than its value as material substance. Used in this sense, most types of fiat money ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Money
Currency money is money in full circulation that takes its value from the precious metal it contains, that is, its market value is (almost) the value of the metal it contains (apart from the Seigniorage or the minters' profit), though this is always overcompensated for in coins and banknotes from a country undergoing debasement. Currency money is usually made of silver or gold, but in very rare cases plated metal and even copper may be used. Currency or face value coins are a type of commodity money, money whose value is derived from the what it is or what it is made of (e.g. shell, cigarettes, tea or a certain metal) as opposed to coins whose metal value is less than their nominal value, paper money, and deposit or book money, which are fiat money Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First World War
World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting took place mainly in European theatre of World War I, Europe and the Middle Eastern theatre of World War I, Middle East, as well as in parts of African theatre of World War I, Africa and the Asian and Pacific theatre of World War I, Asia-Pacific, and in Europe was characterised by trench warfare; the widespread use of Artillery of World War I, artillery, machine guns, and Chemical weapons in World War I, chemical weapons (gas); and the introductions of Tanks in World War I, tanks and Aviation in World War I, aircraft. World War I was one of the List of wars by death toll, deadliest conflicts in history, resulting in an estimated World War I casualties, 10 million military dead and more than 20 million wounded, plus some 10 million civilian de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Notgeld
(German language, German for 'emergency money' or 'necessity money') is money issued by an institution in a time of economic or political crisis. The issuing institution is usually one without official sanction from the central government. This usually occurs when not enough state-produced money is available from the central bank. In particular, generally refers to money produced in German Empire, Germany and Austria-Hungary, Austria during World War I and the Interwar period. Issuing institutions could be a town's savings banks, municipality, municipalities and private or state-owned firms. Nearly all issues contained an expiry date, after which time they were invalid. Issues without dates ordinarily had an expiry announced in a newspaper or at the place of issuance. was mainly issued in the form of (paper) banknotes. Sometimes other forms were also used: coins, leather, silk, linen, wood, postage stamps, aluminium foil, coal, and porcelain; there are also reports of elemental ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Money
Credit theories of money, also called debt theories of money, are monetary economic theories concerning the relationship between credit and money. Proponents of these theories, such as Alfred Mitchell-Innes, sometimes emphasize that money and credit/debt are the same thing, seen from different points of view. Proponents assert that the essential nature of money is credit (debt), at least in eras where money is not backed by a commodity such as gold. Two common strands of thought within these theories are the idea that money originated as a unit of account for debt, and the position that money creation involves the simultaneous creation of debt. Some proponents of credit theories of money argue that money is best understood as debt even in systems often understood as using commodity money. Others hold that money equates to credit only in a system based on fiat money, where they argue that all forms of money including cash can be considered as forms of credit money. The first fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Coin
Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1976 by the Jamaica Accords, the major currencies in the world are fiat money. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people as a means of payment for liabilities. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative money, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Money
Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1976 by the Jamaica Accords, the major currencies in the world are fiat money. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people as a means of payment for liabilities. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative mone ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Face Value Money
Currency money is money in full circulation that takes its value from the precious metal it contains, that is, its market value is (almost) the value of the metal it contains (apart from the Seigniorage or the minters' profit), though this is always overcompensated for in coins and banknotes from a country undergoing debasement. Currency money is usually made of silver or gold, but in very rare cases plated metal and even copper may be used. Currency or face value coins are a type of commodity money, money whose value is derived from the what it is or what it is made of (e.g. shell, cigarettes, tea or a certain metal) as opposed to coins whose metal value is less than their nominal value, paper money, and deposit or book money, which are fiat money Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Money
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves ( intrinsic value) as well as their value in buying goods. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, for which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation. Examples of commodities that have been used as media of exchange include precious metals and stones, grain, animal parts (such as beaver pelts), tobacco, fuel, and others. Sometimes several types of commodity money were used together, with fixed relative values, in various commodity valuation or price system economies. Aspects Commodity money is to be distinguished from representative money, which is a certificate or token which can be exchanged for the underlying commodity, but only by a formal process ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
